Casa Meyfort, a 76-unit residential development along Meyer Road, has been put up for en bloc sale by tender, with a reserve price of $340 million, revealed Edmund Tie & Company.
The price tag, which works out to a land rate of $1,616 psf per plot ratio (ppr), includes a development charge of around $46 million.
The price may be pared down to $1,540 psf ppr “if inclusive of 10 percent additional gross floor area for balcony area and an additional development charge of approximately $19 million”.
Nestled on an 85,249 sq ft site, the freehold development was built in the 1990s.
Casa Meyfort fronts Meyer Road, giving the site a good view of the sea, the Central Business District and the Mountbatten Road landed housing estate.
Situated within 600 metres to the upcoming Katong Park MRT Station on the Thomson-East Coast Line, the site is zoned residential with a gross plot ratio of 2.8 under the 2014 Master Plan.
“Casa Meyfort is a rarely available freehold residential site along the iconic Meyer Road,” said Tan Chun Ming, director of the investment advisory at Edmund Tie & Co (SEA).
“It’s the perfect opportunity for the developer to create an upscale residential product, and may potentially set a new benchmark for the entire Meyer Road.”
The tender for Casa Meyfort closes on 17 January.
This article was edited by Keshia Faculin.